Laserfiche WebLink
M. Limitation on Boundary Changes. <br /> <br />The geographic area of TIF District No. 6 may be reduced, but it cannot be enlarged after five <br />years following the date of certification of the original tax capacity by the Anoka County Auditor. <br /> <br />N. Relocation. <br /> <br />Although no relocation is anticipated, the City accepts, as binding, its obligations under state law <br />for relocation and will administer relocation services for families, individuals and businesses <br />displaced by public action. <br /> <br />O. Parcels to be Acquired Within the TIF District. <br /> <br />The City may acquire any property within TIF District N~. 6, as needed in order accomplish the <br />goals and objectives of this T1F Plan. <br /> <br />P. TIF Account. <br /> <br />The tax incremgnt received with respect to the TEF Districts within Development District No. <br />shall be segregated by the City in a special account on its official books and records. <br /> <br />Q. Estimate of Public Costs. <br /> <br />The City currently plans to construct water and sewer lines, streets and storm sewers, site <br />improvements, property acquisition and utility infrastructure improvements to service new <br />industrial development within T[F District No. 6. The City also intends to assist industrial <br />development through land acquisition and various site improvements. In lieu of directly acquLring <br />property needed for development, and to avoid the potential liability associated with such <br />acquisition, the City may contribute to the cost of land acquisition by private developers. PubLic <br />costs are estimated as follows: <br /> <br />Water and Sewer Utilities and Streets $ <br />Land Acquisition and Site Improvements $ <br />Administration (maximum) $ <br />Total Costs $ <br /> <br />1,200,000 <br />3,603,897 <br /> 480,390 <br />5,284,286 <br /> <br />The costs will be funded with tax increment from TIF District No. 6 on a pay-as-you-go basis. <br />The City reserves the right to adjust the amount of any of the items listed above or to incorporate <br />additional ehgible items, so long as the total estimated public cost is not increase& <br /> <br />R. Estimate of Bonded Indebtedness. <br /> <br />The City may finance costs identified in this TIF Plan through the issuance of bonds, notes internal <br />loans or other forms of pay-as-you-go obligations in a principal amount not to exceed $5,284,286. <br />That amount may include capitalized interest as determined at the time of issuing any bond or note. <br /> <br />12 <br /> <br /> <br />